What is Superannuation?

Superannuation (also known as ‘super’) is money that you build up and save during your working life to help provide the lifestyle you want in retirement. These days, Australians are living longer, and you can expect to survive for over 20 years after you retire. Superannuation is the money you put away now to ensure you can fund this period of your life. Generally, you cannot access this money until you retire.

The Superannuation Guarantee

If you’re an eligible employee, then your employer is obliged to pay an amount of money, broadly based on your salary, into a complying super fund for your retirement. This is known as the Superannuation Guarantee. Click here to see if you are eligible for the Super Guarantee.

You can also ‘top up’ your super by making extra contributions into your super fund. The government encourages you to do this by providing tax advantages and other incentives for extra contributions you make into your superannuation fund.

Choice of fund

Many Australian workers now have the freedom to choose the superannuation fund they would like their super paid into.

See if you are eligible to make a choice.

Choosing a fund

Choosing the fund to handle your super is an important decision, as it could make tens of thousands of dollars difference to your final retirement payout, and could affect the lifestyle you can lead in your retirement.

There are a number of important factors you should consider when choosing a fund.

View 16 Industry Super Funds that could make a lifetime of difference to your future.

Download the Pocket Superannuation Guide for Employers
The 50 crucial answers you need to manage your super obligations.